Maxpro Capital Acquisition Corp. Confirms Additional Funding and Extension of Deadline to Complete Initial Business Combination
Maxpro Capital Acquisition Corp. (NASDAQ: JMAC) has received an Extension Payment of $1,035,000 from its sponsor, MP One Investment LLC, and Apollomics Inc. This payment allows the company to extend the deadline for completing its initial business combination from January 13, 2023, to April 13, 2023. This is the second of two three-month extensions permitted. The funds were equally loaned by the Sponsor and Apollomics, with the Sponsor's portion being convertible into units. The business combination with Apollomics was initially announced on September 14, 2022, and aims to leverage Apollomics' oncology technologies.
- Extension of the deadline for initial business combination provides additional time for strategic planning.
- Apollomics has multiple clinical-stage drug candidates, which could enhance Maxpro's potential market value.
- The need for a second extension may indicate previous challenges in finalizing the business combination.
Taipei City, Jan. 13, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Maxpro Capital Acquisition Corp. (NASDAQ: JMAC) (the “Company”) announced today that its sponsor, MP One Investment LLC (the “Sponsor”) and Apollomics Inc. (“Apollomics”), deposited additional payments in the aggregate amount of
The Sponsor and Apollomics each loaned half of the Extension Payment to the Company. The Sponsor’s half of the loan is convertible at the Sponsor’s discretion into units identical to the units issued in the Company’s private placement that was consummated in connection with the Company’s initial public offering.
About Maxpro Capital Acquisition Corp.
Maxpro is a blank check company formed for the purposes of effecting a merger, capital share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses in the healthcare and technology industries. In October 2021, Maxpro consummated a
About Apollomics Inc.
Apollomics is an innovative clinical-stage biopharmaceutical company focused on the discovery and development of oncology therapies with the potential to be combined with other treatment options to harness the immune system and target specific molecular pathways to inhibit cancer. Apollomics currently has a pipeline of nine drug candidates across multiple programs, six of which are currently in the clinical stage of development. Apollomics’ lead programs include investigating its core product, vebreltinib (APL-101), a potent, selective c-Met inhibitor for the treatment of non-small cell lung cancer and other advanced tumors with c-Met alterations, which is currently in a Phase 2 multicohort clinical trial in the United States, and developing an anti-cancer enhancer drug candidate, uproleselan (APL-106), a specific E-Selectin antagonist that has the potential to be used adjunctively with standard chemotherapy to treat acute myeloid leukemia and other hematologic cancers, which is currently in Phase 1 and Phase 3 clinical trials in China.
FORWARD-LOOKING STATEMENTS
This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission (the “SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC, the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, the Company’s Quarterly Reports on Form 10-Q and other filings with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Contact
Maxpro Capital Acquisition Corp.
Songren Road, Xinyi District
Taipei City 11073
Attn: Moses Chen
Chief Executive Officer
m.chen@maxproventures.com
+886 2 7713 7952
FAQ
What is the significance of the $1,035,000 Extension Payment for JMAC?
How does the extension affect JMAC's future business prospects?
When is the new deadline for JMAC's initial business combination?
What is the focus of Apollomics Inc. in the healthcare industry?
What are the implications of JMAC's relationship with Apollomics?
